smartinvestor: not $9...it would be $11.40. The $9 number was the present value based on the discount. The discount, however, should be applied for every year UNTIL the future value is realized...I made an error with that. Thus if you think it would be one year off you'd apply 20%. 2 years would be 40%, etc.
Looking back on those old projections of mine, I would probably tweak them to some extent but not too much (ie...would decrease shares OS slightly, add to overhead slightly, and apply a tax rate after the first year or so when we've burned through our carryforwards). I think as a general rule of thumb it's safe to use $10/share for every $20 mil in revenue.
Remember, though, that $20 mil in royalty revenue means $150 - $250 mil in total RECAF revenue (the % royalty has yet to be disclosed and probably won't be until we see product revenue).
Frankly, though, my position has always been that running projections for a stock like this at the stage we're at is a pure circle jerk. When we run it will be because of hype and momentum NOT earnings, and we may very well be bought before we see a dime of EPS (although the insiders would have to be on board since they own a sizable chunk)
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